Veritone, Inc. (VERI) stock gained 9.31% in the after-hours session as it lost 8.51% in the early trading session on Monday, March 29, 2021. Let’s try to find out the reason behind this fluctuation.
Artificial Intelligence Excellence Award:
On March 29, 2021, VERI stock announced that it has won the 2021 Artificial Intelligence Excellence Awards 2nd time for its patented suite of real-time AI-powered Veritone Energy Solutions.
Veritone’s AI-powered energy solutions consist of four energy applications which are Forecaster, Optimizer, Controller, and Arbitrage.
Recent financial results
On March 4, 2021, VERI announced its financial results for the fourth quarter and the year ended December 31, 2020.
Q4 financial highlights
- Veritone earned a record $16.8 million revenue in Q4 2020, compared with $12.4 million in the fourth quarter of 2019
- It suffered an operating loss of $12.3 million in the fourth quarter, compared with $14.6 million in the fourth quarter of 2019.
- For Q4 2020, GAAP net loss was $12.4 million, or $0.43 per share compared with $14.9 million, or $0.61 per share, in the fourth quarter of 2019
- Non-GAAP net loss was $3.9 million, or $0.14 per share, compared with $8.1 million, or $0.33 per share, in the fourth quarter of 2019
- VERI stock had cash and cash equivalents of $114.8 million as of December 31, 2020.
Full-year 2020 financial highlights
- For the full year of 2020, VERI earned a revenue of$57.7 million, compared with $49.6 million in 2019.
- It suffered a GAAP net loss of $47.9 million compared with $62.1 million, or $2.85 per share, in 2019.
- Non-GAAP net loss was $20.6 million, or $0.75 per share, compared with $36.2 million, or $1.66 per share, in 2019.
Q1 2021 financial outlook
- Veritone expecting revenue to be between from $17.0 million to $17.5 million for Q1 2021.
- For Q1, 2021 Non-GAAP net loss is expected to range from $4.4 million to $3.9 million
Full-year 2021 financial outlook
- Veritone expecting revenue to be between $76.0 million to $81.0 million for the year 2021
- Non-GAAP net loss is expected to be in the range of $18.0 million to $14.0 million for full-year 2021.
Veritone Inc. is an artificial intelligence tech company based in Costa Mesa, California, founded in 2014. VERI is a leading provider of artificial intelligence (AI) technology and solutions. VERI operating system, aiWARE™, powers a diverse set of AI applications and intelligent process automation solutions that are transforming both commercial and government organizations.
VERI stock was co-founded by Chad Steelberg and has served as our Chief Executive Officer and Chairman of the Board since establishing VERI stock in June 2014.